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Home My WebLink About2835 ; ~ . T 'M ~ : ; ± r` i E said moctgagor does hereby fully warrant the title to said laad. and every part theceot. end will defend the same against the luavful claims of all persons whomscever. PR~DVIDED ALWAYS, end these presents are executed aad delivered upoa the following coad'etions, to wit: ~ The mort a or e s to y t6e matgagee, or ocder, the principel sum of FIPTEEN THOUSAND SEVEN ` NUNDI~~ A~D N0~00-------~------------------------------------------ Dollars (S 15 ~ 700. 00 as evidenced by e note of evea date herewith, with interest from date at the rate o~ eight eild oAe-half pec centum ( 8~ 96) per annum on the unpaid balance until paid. The said pri~cipal and interest shell be payable at the office of J. T. STEWART MORTGAGE OOMPANY, INC., a corporation under the laws of the State of Flortda or at such other place es the holder of the note may designate ia writing. in moathly installments of Qng Hundred ~enty eild 73~100-------Dollars (S 120.73 commencing on the first day of October , 19 7Q end on the first day of each month theceafter untiltheprincipa! and interest ace fully paid, except that the tinal payment of principal and interest, if not sooaer paid, shall be due and payable on the first day of September, 2000 : And shall duly. promptly, and fully pecform, discharge, execute, effect~ complete, and comply with and abide . by each and every the stipulations. ag~eemeats. conditioas. end coveasnts of said pranissory note aad of this ; mortgage, then this mortgage and the estate hereby created shall cease and be null and void. ' And the matgagor further covenants as follows: i 1. That he will pay the indebtedness, as hereinbefoce provided. Privilege is reserved to pay the debt in whole. j or in an amo~wt equal to one o~'mae moathly payments on the principal that are next due on the note, on the first f day of aay month prior to matucity: Provided. however, that written notice oE an iatention to exercise such privilege is given at least thirty (30) days pria to prepaymeat; and, provided further. that in the event the debt is paid in full prioc to maturity and at that time it is ins~ued under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the original principal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premiuro char&es which would have been payable if the matgage had continued to be iasured until maturity; such payment to be applied by the mort- gagee upon its obligatioc~ to the Secretary of Housing and Urban Development on account of matgage insurance. 2. That, in o~der more fully to protect the security of this mortg,age, the moctgagor. together arith, and in addi- tion to, the ma~thly payments under the terms of the note secured hereby, on the first day of each month until the said ~ote is fully paid~ will pay to the modgagee the follaaing sums: (a) Aa amount sufficieat to provide the holder hereof wit6 tuada to pay the nest mortgnge insurance premium iE ffiis instru- mmt ond the note secured hereby are insured. or a moathly charge (in lieu of a mortgage insuraace premium) if they are held by the Secretary of Housiag and Urba4 Development, as follows: (I) It and so loag as sald aote of even date ond this iust~umeat are insured ot are reinsured under the pwvisioas of the Netional Hoasing Act, an amount sufCcieat to accumulate ia_the hands of the holder one (I) month prior to its due date the annual mortgage insurance premium. in order to provide such holder aith funds to pay such premium to tl~e Secretary of Housiag aad Urban Developmeut pur~uant to the National Housing Act, as amended. aad applicable Regu- lations thereunder, or '(II) If and so long as said aote oE even d~te aad this instrument ore held by the Secretary of Housing aad Urban Develop- ment, a monthly charge (in lieu ot a moctgage insnnace premium) wrhich shall be in an amount equal to oae-t~relfth (1/12) of one-balt (ya) per centum of the average outstaading balance due on the note computed withoat tatiag iato accouat delinquencies or prepayments; (b) A sum eqaal to the ground rents, it any. nezt due. plus the premiums that will nezt become due and payable on policies of fire aad other hazard insurance covering the mortgaged propertq. plus ta:es and assessmeats nezt due on the mort- i gaged property (all as estimated by t6e mortgaQee) less 411 sums already paid there[or divided by the number of months j to elapse be[ore one moath prior to the date w6en such ground rents, prctniums, tazes, aad assessments will become de- [ linquent, such sums to be held by mortgagee in trnat to par said ground reats, premiums, to:es. and specia! assessments; ~ and ~ (c) All payments mentioned in the t~vo preceding subaections of this parograph and alt payments to be made uader the aote secured herebq shall be added together and the 4ggFegate amount thereof shall be paid by the mortgagor each month in a ~ single ppyment to be applied by the mortgagee to the follo~ving iteans in the order set forth: ' ~ (Q premium charges einder the contract of insurance with the Sec~etary of Housing aad Urban Developmmt, or monffily charge (ie lieu of mortgage insurance premium), as the case may be; (II) ground rents. ta:es. asseasments, fire, and other hazud insurance premiums; ; (IIn interest on the aote aecured txreby; aad (I{n amortisotion of the principal oE sud note. ~ Any deficiency in the amount of such aggregate montbly payment shall, unless made good by the moctgagor ~ prior to the due date of the aext sach payment, constitute an event af default under this mortgage. The mortgagee } may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover the e~ra expense involved• i.~ bandliag delinquent paymeats. 3. That if the total of the paymeats made by tbe mortgagor under (b) of paregiaph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, for gtound reats. taxes and assessments and iasurance ~ ~ premiums, as the case may be, such excess sball be credited by t6e laortgagee oo subsequeat payments to be made by the mortgagor. 1f, however, the monthly payments made by the matgagor under (bJ of paragraph 2 pre- ~ ceding shall not be sufficieat to pay ground rents, taxes and assessments end insucance premiums, as the case ~ may be, when the same shall become due aad peyable, thea the moctgagor shall pay to the mortgagee any amount necessary to make up the deficieacy, on oc before tbe date wheq payment of such ground rents, taxes, essessments, or insurance premiums shall be due. If at any time the martgagor shall tender to the modgagee in accordance with the provisions of the note secnced hereby, full payment of the eatire indebtedness represeated thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness. credit to the account of the matgagor all peyments ~ made under the pravisions of (a) oE perag~raph 2 hereof which t6e moctgagee has not become obligated to pay to ~ the Secretary of Housing and Urban Development end any balance remaining in the funds accumulated under the 4 provisions of (bJ of said paragraph 2. If there shell be a default under aay of the provisions of this mortg,ege, re- ~ sulting in a public sale of the premises covered ~ereby. or if,the mortgagee acquires the propedy otherwise after ~ ~ default, the moitgagee shall apply, at the time of the commencement of such proceediags or at the time the prop- ~ - edy is othe~rise acquired, the balance then remaining in the funds accumulated under (6) of paregraph 2 preceding ~ as a credit against the amoant of principal then remaining unpaid andet said note and shall properlyadjust any t~i payments which shall have been made under (a) d said paragrapb. 4. That he will pey all taxes, assessments, water rates, aad other governmental or municipal charges, fines. ` ~ or impositions, for which provision has not been made heteinbefore, and in default thereof the mortgagee may pay ; ~ the same; and that he will promptly deliver the dficial receipta thetefor to the mortg,egee. ~ t aoac ~6E~~ ~ { ~ ~ _ _ ~ ~ r _ . . _ '3 ~F~ . . ~ . .k